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Bitcoin is slow when you talk about moving money: Cory Johnson


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This is the new message that needs to get pumped. Love how he switches to a more positive spin “text messages” and “email” can be sent in 3 seconds around the world. Makes me think of the possibilities instead of the more negative suitcase on an airplane. This is what gets liquidity in the market. I bet after a few more months of this and new news, regulation clearing xrp and we’ll be looking really good. 

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Cory did say XRP was pre-mined, probably thinking that would give a clearer comparison to mined currencies like BTC and ETH.

I, however, don't like the term "pre-mined" as it implies XRP *was* mined, but before it was available for use. It also implies that in the future, more XRP can be "pre-mined" by Ripple, giving FUDsters one more arrow in their quiver. Ripple's media message never include the term "pre-mined' w.r.t XRP.

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7 minutes ago, n2it said:

Cory did say XRP was pre-mined, probably thinking that would give a clearer comparison to mined currencies like BTC and ETH.

I, however, don't like the term "pre-mined" as it implies XRP *was* mined, but before it was available for use. It also implies that in the future, more XRP can be "pre-mined" by Ripple, giving FUDsters one more arrow in their quiver. Ripple's media message never include the term "pre-mined' w.r.t XRP.

I guess I would need to know what is the fundamental action of mining? Is it solving an algorithm in order to constitute mining or could be something else as well? Whether it is pre-mined or actively mined doesn't matter in my opinion.  What matters is, "what is mining?"

 

This is a working definition for mining I found, "Cryptocurrency mining includes two functions, namely: adding transactions to the blockchain (securing and verifying) and also releasing new currency."  If this is correct then I would say XRP could be considered pre-mined.  It's just that the ledger is updated through consensus.  

Edited by Raz
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58 minutes ago, Raz said:

What matters is, "what is mining?"

This is a working definition for mining I found, "Cryptocurrency mining includes two functions, namely: adding transactions to the blockchain (securing and verifying) and also releasing new currency."  If this is correct then I would say XRP could be considered pre-mined.  It's just that the ledger is updated through consensus.  

Mined cryptos reward miners who validate and secure transactions with tokens as an incentive to handle transactions. The validation required is computationally expensive (increasingly so over time) so the token creation is a reward (which decreases over time). This ensures the number of tokens increases slowly until the maximum number of tokens have been rewarded.

All XRP was created in one fell swoop and gifted to Ripple. So validating and securing XRP transactions isn't rewarded in tokens at all. Ripple is essentially relying on publicly funded validators, sort of like DNS servers function now. While there's no substantive financial incentive to run a validator, the result is that transactions are handled really fast and at a very low energy cost.

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1 hour ago, n2it said:

Mined cryptos reward miners who validate and secure transactions with tokens as an incentive to handle transactions. The validation required is computationally expensive (increasingly so over time) so the token creation is a reward (which decreases over time). This ensures the number of tokens increases slowly until the maximum number of tokens have been rewarded.

All XRP was created in one fell swoop and gifted to Ripple. So validating and securing XRP transactions isn't rewarded in tokens at all. Ripple is essentially relying on publicly funded validators, sort of like DNS servers function now. While there's no substantive financial incentive to run a validator, the result is that transactions are handled really fast and at a very low energy cost.

Thank you for taking the time to reply.  I am fairly versed on mining as far as the reason it exists for the operation of an existing ledger.  I guess I'm more philosophically asking that pre operation of the ledger, can a coin be "mined" through an algorithm that generates every seed for all of the tokens/coins that are built into that specific protocol and then transactions be verified and settled through a different method?  I think ethereum is a good case study because it uses PoW for mining but they are considering going to a PoS model for settling transactions to get away from the waist and bottlenecking created by PoW.

Edited by Raz
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2 hours ago, n2it said:

It also implies that in the future, more XRP can be "pre-mined" by Ripple, giving FUDsters one more arrow in their quiver

If you encounter anyone who says, "more xrp can be pte-mined, created, made, etc." tell them, "You're full of sh"t."

Because they are.

It's so removed from the truth, any person trying to interject it into a conversation is probably a troll. 

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2 hours ago, n2it said:

Cory did say XRP was pre-mined, probably thinking that would give a clearer comparison to mined currencies like BTC and ETH.

I, however, don't like the term "pre-mined" as it implies XRP *was* mined, but before it was available for use. It also implies that in the future, more XRP can be "pre-mined" by Ripple, giving FUDsters one more arrow in their quiver. Ripple's media message never include the term "pre-mined' w.r.t XRP.

What you have to consider is what people Ripple is targeting by going on Fox News. It is the business people and people in banking watching that they want to target, not the crypto anarchists that call xrp "centralised." The anarchists would be the people that pre-mined would have a meaning for, Cory Johnson uses pre-mine as a way to create a distinction between xrp and btc/eth. To the average person that word holds no meaning.

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41 minutes ago, Raz said:

Thank you for taking the time to reply.  I am fairly versed on mining as far as the reason it exists for the operation of an existing ledger.  I guess I'm more philosophically asking that pre operation of the ledger, can a coin be "mined" through an algorithm that generates every seed for all of the tokens/coins that are built into that specific protocol and then transactions be verified and settled through a different method?  I think ethereum is a good case study because it uses PoW for mining but they are considering going to a PoS model for settling transactions to get away from the waist and bottlenecking created by PoW.

The token creation is definitely done by an algorithm, seeded or not. This will of course interact with the protocol. In BTC's case, token creation is intimately connected with verification of transactions. In XRP's case it's not - a big design difference.

You're spot on that the creation algorithm can be separated from the verification algorithm (as Ethereum is considering). XRP's creators had the foresight to create the token ahead of time, saving everyone a boatload of work when handling transactions. Escrowing XRP for gradual release is way more efficient than what BTC does.

"Mining" to me, means a lot of work, sweat, and tears - and goes on forever. All just to control token supply. XRP's token supply solution is way more efficient.

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